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Clear Channel Spinoff, IPOs Advance

Clear Channel Spinoff, IPOs Advance

Clear Channel plans to file with the SEC this week so that it can proceed with IPOs for its outdoor and entertainment businesses.
Clear Channel Outdoor Holdings Inc. and CCE Spinco Inc. are the two entities. CCE Spinco is a temporary name of the entity that will operate Clear Channel’s Entertainment business following the spin-off. A new name will be chosen prior to the spin-off, the firm stated.
The company is doing an IPO of about 10% of the stock in Clear Channel Outdoor, and a 100% spin-off of the entertainment business. They are expected to close by the end of the year pending board and regulatory approvals.